Here’s a good lesson from babypips about leverage and $100:
omg, thanks for providing that article, really helpful
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DONT OPEN LEVERAGED POSITIONS YO I can give you plenty of broker names that’ll easily let you trade with leverage.
- Alpari-1000x
- ICMarkets-500x
- FX view-500x
- XM-888X
But how IMHO anyone should go about trading is: first do manual trading without leverage using smaller trade size. So you are right on with using smaller lots. Once you master trading to an extent, start using EAs so you’ll know how precisely you would want it to work and what realistically you can expect. And then of course you can comfortably do leveraged trading.
According to me if you don’t like taking many risks, or if you’re still learning how to trade currencies then 1:100 to 1:200 is the best forex leverage
My advice to beginners is to never start off with high leverage. It’s better to start with lower leverage and move up the ladder slowly instead of rushing and blowing up your trade.
First, beginners need to understand what leverage is used for in forex. When that is clear, they would know that using a broker that allows lower leverage is advantageous.